v3.26.1
Revision of historical accounting treatment – as restated
12 Months Ended
Dec. 31, 2025
Notes and other explanatory information [abstract]  
Revision of historical accounting treatment – as restated

 

22

Revision of historical accounting treatment – as restated

 

During the preparation of the consolidated financial statements for the year ended 31 December 2025, management identified an error in the historical accounting treatment applied to certain intellectual property assets.

 

The February 2023 transfer of certain intellectual property assets had previously been accounted for in a manner that was not consistent with the company's accounting policies and the requirements of the applicable financial reporting framework. Upon completion of a detailed review, management concluded that the carrying amounts of the affected assets and the related expense recognition in prior periods had been misstated. Accordingly, the Company has corrected the error by retrospectively restating the previously issued financial information for the years ended 31 December 2023 and 31 December 2024, together with the opening balances as at 1 January 2025. The correction resulted in adjustments to intangible assets, accumulated amortization, share premium, deficit, operating loss and other related financial statement captions.

 

The correction of the prior period error had no impact on the Company's revenues, cash flows, cash balances or operating activities for any period presented.

 

The tables below present the effect of the restatement on the Company's previously reported consolidated statements of financial position, profit or loss and other comprehensive income, consolidated statements of changes in equity and cash flows for the periods presented.

 

 

Effect on Statement of Financial Position

 

At 31 December 2023

 

   As previously reported   Adjustment   Restated 
             
Intangible assets  65,000,000   (62,205,721)  2,794,279 
Share premium  64,877,415   (61,951,696)  2,925,719 
Deficit   (5,308,332)   (254,025)   (5,562,357)

 

At 31 December 2024

 

   As previously reported   Adjustment   Restated 
             
Intangible Assets  65,000,000   (62,510,552)  2,489,448 
Share premium  71,347,078   (61,951,696)  9,395,382 
Deficit   (6,628,685)   (558,856)   (7,187,541)

 

At 31 December 2025

 

   As previously reported   Adjustment   Restated 
             
Intangible Assets  65,000,000   (62,815,382)  2,184,618 
Share premium  71,347,078   (61,951,696)  9,395,382 
Deficit   (7,452,662)   (863,686)   (8,316,348)

 

 

22 Revision of historical accounting treatment – as restated (continued)

 

Effect on Statements of Cash Flows

 

At 31 December 2023

 

   As previously reported   Adjustment   Restated 
             
Net loss  (5,308,332)  (254,025)  (5,562,357)

 

At 31 December 2024

 

   As previously reported   Adjustment   Restated 
             
Net loss  (1,320,353)  (304,830)  (1,625,183)

 

At 31 December 2025

 

   As previously reported   Adjustment   Restated 
             
Net loss  (823,977)  (304,830)  (1,128,807)

 

Reconciliation of Intangible Asset Balance

 

   2023   2024   2025 
             
Carrying value previously reported  65,000,000   65,000,000   65,000,000 
Carrying value adjustment   (61,951,696)   (61,951,696)   (61,951,696)
Cumulative amortization adjustment  (254,025)  (558,856)  (863,686)
Restated carrying value   2,794,279    2,489,448    2,184,618 

 

 

Effect on Profit or Loss

 

At 31 December 2023

 

   As previously reported   Adjustment   Restated 
             
Amortization expense     (254,025)  (254,025)
Net loss  (5,308,332)  (254,025)  (5,562,357)
Net loss per common share: Basic and diluted   (0.35   (0.01   (0.36 )

 

 

At 31 December 2024

 

   As previously reported   Adjustment   Restated 
             
Amortization expense     (304,830)  (304,830)
Net loss  (1,320,353)  (304,830)  (1,625,183)
Net loss per common share: Basic and diluted   (0.06)     (0.01   (0.07 )

 

At 31 December 2025

 

   As previously reported   Adjustment   Restated 
             
Amortization expense     (304,830)  (304,830)
Net loss  (823,977)  (304,830)  (1,128,807)
Net loss per common share: Basic and diluted   (0.03)     (0.02   (0.05 )